New Zealand
New Zealand New Zealand
Consumers make most of their payments by internet banking
  • 74%
    BFSI
  • 70.5%
    TELCO
  • 54.5%
    RETAIL
  • 46.5%
    BFSI
  • 39.6%
    TELCO
  • 40.7%
    RETAIL
  • A higher percentage make payments via internet banking to banks and insurance companies, telcos, and retailers, respectively, compared to the regional average
  • Impact: Anti-fraud capabilities critical to the increased digital transaction frequency and customers’ trust in banks
Australia
Australia Australia
Consumers are most satisfied with the post-fraud service of banks and insurances companies
  • More than 70% satisfaction rate compared to 59.7% on average
  • Impact: Increased trust in BFSIs
Indonesia
Indonesia Indonesia
Consumers that encountered most fraud incidents in the past 12 months
49%
34.7%

AP Average

  • 49.8% have experienced fraud at least once compared to 34.7% on average
  • Impact: Overall anti-fraud capabilities need improvement
Singapore
Singapore Singapore
Consumers have the highest trust towards government
AP Average
  • 75.5% choose government agencies, compared with 51.7% on average
  • Impact: Trust of personal data protection is centered around government agencies
Vietnam
Vietnam Vietnam
Consumers encountered most fraud incidents in retail and telco during the past 12 months
  • 55%
    TELCO
  • 54.5%
    RETAIL
  • 32.8%
    TELCO
  • 35.2%
    RETAIL
  • 55% and 54.5% have experienced fraud at least once in retail and telco, respectively, compared to 32.8% and 35.2% on average
  • Impact: Overall anti-fraud capabilities need improvement
Thailand
Thailand Thailand
Most Thai consumers believe speed and resolution are severely lacking (response/ detection speed toward fraud incidents)
AP Average
  • 60.5% think it is most important, compared to 47.7% on average
  • Impact: Response time as one of key factors to fraud management to retain customers and gain their trust
India
India India as standalone
Consumers have the largest number of shopping app accounts in the region
India
  • Average of three accounts per person
  • Impact: Highest exposure to online fraud
Hong Kong
Hong Kong Hong Kong
The least percentage of consumers with high satisfaction level toward banks and insurance companies’ fraud management
AP Average
  • Only 9.7% are most satisfied compared to 21.1% on average
  • Impact: effective response towards fraud incidents to be improved
China
China China
Consumers are the most tolerant toward submitting and sharing of personal data
AP Average
  • 46.6% compared to the AP average of 27.5% are accepting of sharing personal data of existing accounts with other business entities
  • Impact: higher exposure of data privacy and risk of fraud
alert
Japan Japan as standalone
Consumers most cautious on digital accounts and transactions
50.7% Actively maintain digital accounts’ validity
27% AP Average
45.5% Do not do online bank transfers
13.5% AP Average
  • More than 70% did not encounter fraud incidents in past 12 months, compared to 50% on average
  • Impact: Relatively low risk of fraud

2021 Global Insights Report – Wave 4

2021 Global Insights Report – Wave 4

Despite the Covid-19 pandemic causing a surge in online activity across Asia Pacific, this initial jump appears to have stabilised as consumers across the region in India, Japan, Singapore and Australia focus more on the overall digital experience, and practice caution around fraud and security risks.

 

Experian interviewed 3,000 consumers and 900 businesses across 10 countries globally including India, Japan, Singapore and Australia in the APAC region to uncover insights related to consumer and business economic outlooks, financial well-being, online behaviour and more.

 

Although higher than pre-pandemic levels, the levelling of online activity means businesses need to shift their focus to address these changing consumer needs and establish trust when it comes to communicating how they utilise personal information and data protection.

 

Download Infographic

 

Key insights

 

Read full article

Experian

By Experian 12/08/2021

Read now

Related Articles

Forrester Study – Drive speed and accuracy with emerging technology and alternative data
Forrester Study – Drive speed and accuracy with emerging technology and alternative data

Read our study with Forrester to find out why it's apparent that poor credit decisions are negatively impacting customers’ financial situations.

Learn more
How banks can implement their customer-level risk management and operations
How banks can implement their customer-level risk management and operations

Over the recent years, more and more banks have begun to transform their customer-centric retail strategy. Via refined customer risk and credit demand quantitative models and strategies, the risk management,…

Learn more
Ensuring digital onboarding excellence for modern banking success
Ensuring digital onboarding excellence for modern banking success

A seamless onboarding and acquisition capability is the first and vital step to maximising your investment and capturing customer opportunities.

Learn more
2021 Global Insights Report
Globally, consumers report that they are online 25% more now than they were just a year ago.
2021 Global Insights Report
Mobile wallets have become the most popular payment form in the APAC markets surveyed.
2021 Global Insights Report
Retail apps are the second most used digital payment method across the four APAC markets.
2021 Global Insights Report
Security is the most important factor when it comes to consumer online experience – this is especially high in Japan, Australia, and Singapore.
2021 Global Insights Report
More than half of the APAC consumers who responded would like to be informed about how their personal data is being protected and stored.
2021 Global Insights Report
56% of consumers in the APAC markets will share their contact information and 42% will share their personal information if they trust the business.
2021 Global Insights Report
APAC businesses recognise the importance of the customer journey, as more turn to technology to generate positive customer outcomes and experiences.
2021 Global Insights Report
The adoption of AI and machine learning has significantly increased on a global scale, with India currently leading with 87% of businesses implementing AI.

Download our latest report and find out how businesses are improving the digital experience for consumers for post-pandemic customer engagements.

Please fill up the form below to download
  • Download Now